New Office for National Statistics figures show record growth in services of 15.8% to more than £140bn in 2016.

However, around half of this figure was with Europe – and Britain’s trade in services with the EU is under threat by the Conservatives’ pursuit of a hard Brexit.

Liberal Democrat leader Vince Cable said:

“There’s a high risk of a Brexit deal doesn’t include most services, which is what we’ll end up with under a Canada-style trading relationship with the EU.

“The Conservatives’ determination to exclude us from the Single Market, and the EU’s position that we can’t have our cake and eat it, puts the strong British services industry at risk.”

NOTES: 

Latest ONS figures show UK services exports (excluding the travel, transport and banking sectors) grew by 15.8% to £142.7bn in 2016. Growth in services exports to Europe grew by 17.8% to more than £70bn. 

https://www.ons.gov.uk/businessindustryandtrade/internationaltrade/bulletins/internationaltradeinservices/2016